China Closed-end Fund Discounts Are Evaporating

By Brendan Conway

Investor opinion on Chinese stocks is growing more favorable lately — you can see it in closed-end funds. By “Chinese stocks” I mean the battered ones in Shanghai, not the buoyant ones in Hong Kong.

The Shanghai Composite hit the lowest level since January 2009 earlier this week, but bounced overnight. An analysis by market-timing guru Tom DeMark is getting some attention. DeMark told Bloomberg News this week that the sellers are exhausted and that the Shanghai index is due for a 48% rally in nine months. We’ll see whether it pans out. What’s certain is that investors are indeed attempting to call a bottom.

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As exchange-traded funds and other investing vehicles have ballooned in number, the task of figuring out what works well and what doesn’t has only gotten harder. Barrons.com’s Focus on Funds looks under the hood of ETFs, mutual funds and hedge funds for overlooked values, actionable ideas and the latest pitfalls for fund investors.

Chris Dieterich has covered the U.S. stock market for The Wall Street Journal and Dow Jones Newswires. He is a graduate of Regis University and the Missouri School of Journalism.